Healthcare has become one of India’s most important industries, both in terms of revenue and jobs. Healthcare includes things like hospitals, medical devices, clinical testing, outsourcing, telemedicine, medical tourism, medical coverage, and surgical devices. The Indian healthcare sector is booming, thanks to improved coverage, services, and increased spending by both public and private entities. In India, the hospital franchise industry is booming.
There are two primary components to India’s healthcare delivery system: public and private. The government, i.e., the public healthcare system, has a restricted number of secondary and tertiary care institutions in major cities and focuses on delivering basic healthcare in rural areas through primary healthcare centres (PHCs). With a prominent presence in metros and tier I and tier II cities, the private sector is responsible for the bulk of secondary, tertiary, and quaternary care facilities.
Market Size
The healthcare market might triple in size by 2022, reaching Rs. 8.6 trillion (US$ 133.44 billion). In Budget 2021, India’s public expenditure on healthcare as a percentage of GDP was 1.2 percent. Increased demand for health insurance is being driven by a rising middle class and an increase in the number of new diseases. Health insurance penetration is likely to rise in the next years as the need for low-cost, high-quality healthcare grows. Gross written premiums in the health segment climbed to Rs. 58,584.36 crore (US$ 8.00 billion) in FY21. The health industry accounts for 29.5 percent of the country’s total gross written premiums.
Let’s look at how you can open a dental clinic in India as a franchise business. We’ll go over the procedures for opening a dental clinic franchise business in India.
How to franchise a Dental clinic in India?
Your business idea might be pitched as a franchise opportunity, with other entrepreneurs running the company under your brand name.
Here are five expert tips for turning your business into a franchise.
1. Put in the effort.
As a business owner, you’ve probably done your homework on your target market and location, but you’ll also need to know about franchising. Understanding a franchise agreement, franchise disclosure document, and franchise costs is the first step.
Before you hire any franchisees or consider opening another location, you must first create and implement a franchise agreement and a franchise disclosure form.
2. Before you expand, try a few things out.
Consider your company’s accomplishments as well as its challenges before investing in new sites, and do it one step at a time to prevent going overboard.
When you’re ready to expand, you may apply what you’ve learned to make solid business decisions like hiring qualified managers and employees.
3. Hire an expert to assist you.
It’s not a good idea to go on a franchise adventure by yourself. It’s a great responsibility to open a single site. It’s practically impossible for one person to open many websites on their own. Direction is required to manage your FDD and day-to-day operations. For the legal and operational procedures required to create your franchise, you should contact franchise consulting firms and a lawyer.
4. Make a marketing strategy for your business.
You must sell your goods as well as franchise prospects to potential franchisees in order to expand your franchise. To be successful, you’ll need a great marketing strategy for both.
The franchisor should make their business models basic so that the franchisee can understand them. Members of larger franchises are frequently asked to contribute to a common advertising fund. This can be a specific dollar amount or a percentage, such as 1-4 percent.
5. Establish training for franchisees.
Your business wants to make sure a prospective franchisee is a suitable fit for your brand and objectives. One way to do this is to teach each new franchisee and their staff about the policies you’ve created.
Let’s talk about everything you’ll need to franchise a dental clinic.
What Do I Need for Franchising My Dental Clinic Business?
In brief, franchising is the process of selling people the instructions for cloning your Dental Clinic Business so that they can start and run their own Dental Clinic Business. You’ll be able to raise brand visibility and revenue streams as a result of this. The majority of franchisors provide help, training, and marketing support to their franchisees. To franchise your dental clinic, you’ll need a few items.
- Successful Business
- Business Plan
- Audited Financial Statements
- Franchise Offering Circular
- Operations Manual
- Staff and Office
You should feel more confident about expanding your Dental Clinic now that you know how to franchise it.
Both locally and internationally, sparkle★minds can assist you with franchising your Dental Clinic. sparkle★minds has been trusted by more than 500 clients throughout their franchising journey with over 20 years of experience in the franchising sector. Get in touch with us right away if you’re interested in franchising your company.
